Gold
rose a second day, extending a rebound from a three-month low, on
speculation that economic risks from China and Greece will prompt the
Federal Reserve to delay raising U.S. interest rates.
All
but one member of the Federal Open Market Committee “indicated that
they would need to see more evidence that economic growth was
sufficiently strong” before raising rates, Fed minutes released
Wednesday showed. Higher rates curb bullion’s appeal because it doesn’t
pay interest or give returns like other assets such as bonds and
equities.
Gold
dropped in the past four quarters, the longest slump since 1997, on the
prospect of higher rates. The minutes showed Fed concerns that
turbulence overseas poses a risk for U.S. expansion. The International
Monetary Fund on Thursday cut its forecast for global growth in 2015.
Gold
for immediate delivery rose 0.2 percent to $1,160.73 an ounce at 1:47
p.m. in New York. Prices climbed 0.3 percent on Wednesday after touching
$1,147.36, the lowest since March 18.
The
IMF in cutting its forecast cited a weaker first quarter in the U.S.
and warned that financial-market turmoil from China to Greece clouds the
outlook. Chinese stocks have tumbled in recent weeks, and Greece is
struggling to reach a deal with European creditors to stay in the euro
area.
Source : Bloomberg
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